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Springfield mortgages at risk of default decline

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Springfield home owners are less likely to default on their mortgages than they were a year ago, according to real estate market tracking firm CoreLogic.

The Queen City’s mortgage delinquency rate — representing loans that are at least 30 days past due — dropped to 3.3 percent in July from 4 percent a year earlier, according to the latest data available.

The foreclosure inventory rate measuring mortgages in some stage of the foreclosure process was 0.2 percent for Springfield during July. That’s a dip from 0.4 percent a year earlier.

Missouri’s serious delinquency rate in July dropped to 1.5 percent from 2 percent a year earlier, while the national rate improved to 1.9 percent from 2.5 percent, according to a news release.

"Even though delinquency rates are lower in most markets compared with a year ago, there are some worrying trends," said Frank Martell, president and CEO of CoreLogic, in the release. "For example, markets affected by the decline in oil production or anemic job creation have seen an increase in defaults.”

The Show-Me State’s July foreclosure rate declined to 0.3 percent from 0.5 percent a year earlier. The U.S. rate was 0.7 percent in July, down from 0.9 percent, according to CoreLogic.

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